A popular crypto strategist and trader says Bitcoin (BTC) is gearing up for a rally that leaves many traders on the sidelines.
Pseudonymous analyst Kaleo tells his 535,200 Twitter followers that he’s looking at Bitcoin’s inverted chart.
Traders sometimes look at the inverted chart of an asset to check on their bias from a different perspective.
According to Kaleo, a new Bitcoin trend is underway as the leading crypto asset sets the stage for a massive move up.
“I’m seeing more 2018 bear market fractal comparisons being used for this range, and I’m really not a fan of the idea at all. In my opinion, we’ve already seen that major breakdown. We’re in the accumulation phase. The markup will catch everyone off guard.”
Looking at the analyst’s chart, Bitcoin appears to be close to igniting a rally that sends BTC to around $40,000, an over 100% surge from current prices.
The crypto strategist is also tracking the performance of the Grayscale Bitcoin Trust (GBTC), a financial instrument designed for institutional investors to gain exposure to Bitcoin without holding the underlying asset.
According to Kaleo, GBTC’s recent price action is a close copy of its performance during the latter stages of the 2018 bear market, suggesting that the asset is bottoming out and preparing for a recovery rally.
“Here’s another high timeframe fractal on the GBTC chart to support my bullish bias.”
In the short term, Kaleo predicts a Bitcoin rally to $20,000.
“Squeeze it back above $20,000.”
At time of writing, Bitcoin is changing hands for $19,082, flat on the day.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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